European Failures Coming Fast And Heavy Now

Submitted by Tyler Durden on 06/29/2015 - 07:05

“Greek Fire” Contagion Spreads Through Europe

from Wealth Watchman:

Syriza Lights the Molotov Cocktail

Well, brothers, it has finally begun.  The moment that all of us “crazy” stackers have stacking silver for in the first place, has now arrived: the beginning of the end of Bretton Woods II, is upon us.  For the Greek referendum(which I predicted over 6 weeks ago) has now been announced, and officially approved.
What more is there to say that hasn’t already been said?  Everything is about to change.  So many aspects of life that literally everyone you know(and perhaps even you yourself), takes for granted, are about to shift gears forever.  It’s not that big of a deal though, right?  Everyone’s prepared for this titanic collapse already, aren’t they?
Read More…

Greek Contagion Spreads As Several Italian Bank Stocks Failed To Open

Submitted by Tyler Durden on 06/29/2015 - 07:45 While things have normalized since the open thanks entirely to the SNB's aggressive EUR-buying, CHF-selling intervention (good to see that central banks have read the BIS' report and have learned from their prior intervention mistakes), earlier this morning we got a snapshot of what happens if and when the SNB, and then the ECB itself, finally lose control when as a result of the Greek crisis the contagion promptly spread a few hundred kilometers west to Italy where as the WSJ reported, "several Italian banks failed to start trading on Monday as fears over a Greek debt default induced many investors to shed peripheral stocks, including Italian, with banks suffering the most."

Carnage Continues: EU Equity Futures Crash 7%, Bund Yields Plunge 20bps, Italy/Spain Bonds Dumped

Submitted by Tyler Durden on 06/29/2015 - 02:04 It appears Greece matters after all - US futures are tumbling, Japanese stocks are tanking (as JPY is bid on mass carry unwinds), Chinese stocks are limit down and collapsing.. and now European equity futures are open and in free-fall. Bunds are well bid, down 20bps to 72bps. Peripheral bonds are being dumped (contagiously).
*EURO STOXX 50 FUTURES FALL 7% AT MARKET OPEN
*ITALIAN BONDS DECLINE WITH 10-YEAR YIELD RISING 57 BPS TO 2.72%

Juncker To Greece: "Don't Commit Suicide Just Because You Are Afraid Of Death"

Submitted by Tyler Durden on 06/29/2015 - 08:56 We now know it's serious because EU President Jean-Cleaude Juncker just dropped The Big Lie. He proclaimed that "pension cuts were not in the creditors proposals" which as many pointed out is a total lie and then said: "You shouldn’t commit suicide because you're afraid of dying. You should say 'yes' regardless of what the question is." Got that Greek Grandmas - Vote YES no matter what you think - that's how EU democracyu works...

Greece Will Open 700 Bank Branches On Thursday - For Limited Pension Withdrawals Only

Submitted by Tyler Durden on 06/29/2015 - 09:26 Good news - some Greek bank branches will re-open sooner than expected: GREEK OFFICIAL: 700 BANK BRANCHES TO OPEN THURSDAY FOR PENSIONS
Bad news - only pension withdrawals are allowed in limited size: GREEK PENSION WITHDRAWALS WILL BE LIMITED TO EU240: OFFICIAL
Party's over.

Varoufakis: If Europe Wants to Humiliate Greece, Do We Need Such Europe?

from Sputnik News:
If Europe is going to stop its bailout program for Greece in order to humiliate the country’s government, a question remains open whether Athens needs such a Europe, Greek Finance Minister Yanis Varoufakis said in an interview with the German newspaper Bild.
Varoufakis made the statement answering a question about Greece’s future in case if creditors would deny the extension of financing. Among possible scenarios suggested by the newspaper were the introduction of capital controls and Greece’s withdrawal from the Eurozone.
“If Europe allows this terrible turn of events, just to humiliate our government, Europeans will have to ask themselves […]: Do we need such a Europe?” the Greek finance minister said.
Read More @ Sputniknews.com

Puerto Rico Bonds Are Collapsing

Submitted by Tyler Durden on 06/29/2015 - 09:11 With all eyes focused on Greek ATM lines, collapsing Chinese ponzi schemes, and European bank implosions, one could be forgiven for forgetting about another crisis occurring closer to home. As we detailed here, Puerto Rico is now "in a death spiral" and PR bonds are collapsing this morning...

Central Banks Scramble To Stabilize Crashing Markets: China Fails, Switzerland Succeeds (For Now)

Submitted by Tyler Durden on 06/29/2015 - 08:51 At the open, Europe looked in the abyss, and with no help coming from China, it did not like what it saw: And then the answer came from the Swiss National Bank, which stepped in to prevent the collapse just as Europe was opening. Because seemingly out of nowhere, a tremendous bid came in to life the EURCHF, buying Euros (against the CHF and the USD) and selling Europe's last left safety currency. We now know that it was the SNB, the same central bank which is the proud owner of well over $1 billion in Apple stock.

‘The American Century’ has Plunged the World Into Crisis. What Happens Now?

from Nation of Change:
There’s something fundamentally wrong with U.S. foreign policy.
Despite glimmers of hope — a tentative nuclear agreement with Iran, for one, and a long-overdue thaw with Cuba — we’re locked into seemingly irresolvable conflicts in most regions of the world. They range from tensions with nuclear-armed powers like Russia and China to actual combat operations in the Middle East, South Asia, and Africa.
Why? Has a state of perpetual warfare and conflict become inescapable? Or are we in a self-replicating cycle that reflects an inability — or unwillingness — to see the world as it actually is?
Read More @ NationofChange.org

Gold Tumbles Despite UK Mint Seeing Europeans Rush To Buy Bullion

Submitted by Tyler Durden on 06/29/2015 - 09:42 European investors are increasing purchases of gold as Bloomberg reports, Greece’s turmoil boosts the appeal for an alternative to the euro. Demand from Greek customers for Sovereign gold coins was double the five-month average in June, the U.K. Royal Mint said in an e-mailed statement.As one Frankfurt-based bullion dealer noted, "most of our common gold coins are sold out, when people learned that the Greek banks will be closed, they started to think that it may not be such a bad idea to have some money in gold."

Did The BIS Already "Accidentally" Kick Greece Out Of The Eurozone?

Submitted by Tyler Durden on 06/29/2015 - 08:39 Spot the glaring "oversight" it in the BIS map below which is a snapshot of the original BIS release. Hint: Dollar zone in Green... Euro zone in blue...

Fiat Faith Falters As Bitcoin Surges 7% Post-Greferendum Decision

Submitted by Tyler Durden on 06/29/2015 - 08:21 The faith in fiat currencies is faltering...

"Uncontained" - Greek Stocks Crash 17% As European Banks Plunge Most In 3 Years

Submitted by Tyler Durden on 06/29/2015 - 08:14 Despite the Greek stock market being closed there is an option for hedging the exposure that all the smart money has been building to Greece in the past few days - GREK - the US-trade Greek ETF. In the pre-open, GREK is trading down 17%. While the best efforts of the SNB are underway to protect the markets from unease, European banks are suffering the exact 'contagion' that we were told numerous times would be contained... led by limit down moves in Italy.

The Sell Side Reacts To Europe's "Lehman Weekend"

Submitted by Tyler Durden on 06/29/2015 - 07:57 Global equities plunged on Monday as both carbon-based traders and HFTs tried in vain to keep their composure which watching in horror as Greece, the birthplace of Western civilization, quickly became Venezuela. With Europe’s “Lehman weekend” now in the books and as the currency union stares into an uncertain future, the sell side tries to make sense of it all.

‘MANDATORY’ Vaccines?? California SB277 Opponents VOW to Pull Kids From School if Vastly Unpopular Bill Passes

by Tracy Seipel, Mercury News:
As he seeks to push his controversial vaccine bill through another committee vote Wednesday, Sen. Richard Pan, D-Sacramento, is expected to confront a legion of even more determined opponents than he witnessed last week when Senate Bill 277 cleared its first hurdle.
But this time, adversaries of the bill — which would repeal the state’s personal belief exemption and require that only children who have been immunized for diseases such as measles and whooping cough be admitted to a school in California — are returning with what they say is a powerful trump card.
Parents like San Jose resident Elaine Shtein are being encouraged to bring a son or daughter to stand with them before the eight-member Senate Education Committee on Wednesday with a warning: If the bill passes, they pledge to yank their children out of public and private schools, and home-school them, something they believe will deprive both the state and private school systems of money for every student enrolled.
Read More @ Mercurynews.com
photo: CBS Sanfrancisco

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